(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
FONTANA, CA-UGL Services, a division of UGL Limited, has been retained to sell a prime, 200.12-acre land parcel here that industry sources unrelated to the property tell GlobeSt.com could be worth in excess of $200 million upon buildout. The parcel, the Crossing at Monarch Hills, is targeted for immediate mixed-use development at the intersection of Duncan Canyon Rd. and Lytle Creek Rd. The development site, whose owner is undisclosed, has the potential to encompass more than 740 residential units, more than 60,000 square feet of retail and office space and an approximately 112-key hotel. The UGL team marketing the property is being led by EVP Mario Mexia and VP Matt Mexia of the Orange County, CA, office, which has been retained on an exclusive basis to offer investors and developers the opportunity to acquire the site.
The team expects to have the property sold by the end of the year to successful bidders on a highest-bid basis. “One of the last remaining large-scale, mixed-use development sites fronting the Ontario (15) Freeway, the Crossing at Monarch Hills is well positioned and features a premier location,” said Mario Mexia in a prepared statement. “Slated to begin construction in November 2012, the new I-15/Duncan Canyon Interchange will attract a variety of uses, enticing both future residents and tenants.”
Reportedly, a prospective investor will be able to take advantage of a significant amount of due diligence completed by the seller to date. Reports such as an ALTA Boundary Survey, Topographic Study, Phase I Environmental Report and Preliminary Title Report have all been completed. In addition, the property is being offered free and clear of any debt, and more than 175,000 residents with an average household income in excess of $80,000 reside within a five-mile radius of the site. That same population is projected to add 11,000 residents by 2016.
As GlobeSt.com previously reported, in March UGL Services appointed Bob Kuhl, formerly a principal at TRI, to the Sacramento office of UGL Services to serve as SVP in brokerage operations.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
